.... Last year, the Reserve Bank of India (RBI) came out with a cryptic communique, the implications of which were lost beyond the money markets of Nariman Point and Bandra. But it unsettled the game plan for many punters in the currency market and forced some to change tack. The innocuous circular was a simple announcement on how the central bank was changing the way it calculates the daily 'reference rate' for some of the major foreign exchange rates. The RBI had done this for the first time and there was a reason for it......
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